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Condensed Consolidated Balance Sheets (unaudited) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 65,711 $ 110,995
Prepaid expenses and other current assets 2,462 2,071
Total current assets 68,173 113,066
Property and equipment, net 5,088 6,322
Restricted cash and cash equivalents 898 1,220
Operating lease right of use asset 5,422 6,001
Other assets 46 320
Total assets 79,627 126,929
Current liabilities:    
Accounts payable 1,078 3,035
Accrued expenses and other current liabilities 9,021 10,588
Operating lease liability, current 1,504 1,557
Note payable, current 6,000 0
Total current liabilities 17,603 15,180
Operating lease liability, net of current portion 8,140 9,435
Note payable, net of discount, issuance costs, and current portion 21,656 26,095
Derivative liability 2,614 2,829
Total liabilities 50,013 53,539
Commitments and contingencies
Stockholders’ equity:    
Preferred stock, $0.0001 par value, 5,000,000 shares authorized as of September 30, 2025 and December 31, 2024; no shares issued or outstanding as of September 30, 2025 and December 31, 2024 0 0
Common stock, $0.0001 par value, 200,000,000 shares authorized as of September 30, 2025 and December 31, 2024; 47,273,685 and 44,827,159 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 5 5
Additional paid-in capital 496,638 487,973
Accumulated deficit (467,029) (414,588)
Total stockholders’ equity 29,614 73,390
Total liabilities and stockholders’ equity $ 79,627 $ 126,929